Gold closed above $1,900

The precious metal continues building bullish pressure after the previous day bullish close above $1,900. At the current time, gold is trading above $1,900 and might continue upward to target $1,950 and $2,000. The U.S dollar index made a bounce reaction today after President Trump and his wife diagnosed positive for coronavirus.

Initially, the bounce put pressure on the gold prices. However, the price currently traded back above its opening level. If the price could close above $1,900 at the end of the week then gold prices are expected to resume its bullish trend.

Today critical levels to watch:

Support: $1,900, $1,850, $1,800, $1,780

Resistance: $1,950, $2,000

Silver maintained the level inside Wednesday range

On Wednesday, silver made a bearish movement with strong momentum. Fortunately, there is no bearish follow-through yet until today. The price continues hovering inside the bearish candlestick range. We might see the price continue ranging until the end of the week.

If the price continues its upward movement then $25.00 – $26.00 will become the target.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil moderate bearish pressure

Crude oil finally starts to move lower below $38.50 today after President Trump diagnosed positive for coronavirus. The price currently continues moving lower and might extend the bearish trend next week. Traders will avoid taking long positions for now until the bearish pressure recedes.

August’s low will become the level to focus when the price reaches it.

Today critical level to watch:

Support: $33.00, $30.00

Resistance: $38.50, $40.00, $49.00, $50.00